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Insurance can’t be 100% digital and give Amazon-like experience

 

Trevor Bull, MD & CEO – Aviva Life Insurance

While digital adoption in finance sector is all time high and companies are exploring many technologies, Indian insurers believe digital will have its limitations. “In-spite of digital adoption, insurance business cannot give digital experience like Amazon. Insurance services cannot be 100% digital as human intervention in the form of advice still exists.” Says Trevor Bull, MD&CEO, Aviva Life Insurance.

Aviva is the 3rd fastest growing life insurer in India and currently growing at 63%. Company has partnered with Bank of Maharashtra & Vodafone for providing insurance services.  “Going digital helps in creating better partnership opportunities beyond non-insurance sector too”. Adds Trevor. Currently company has adopted digital to analyze customer behavior & offer better services to their customers. “The goal of Aviva is to be the best in child, health & SME space along with better customer outcomes”, elaborates Trevor.

Aviva Life Insurance was the first insurer to increase its stake to 49% with their JV partner Dabur Invest Corp when Government of India allowed Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from 26% in 2015.  “FDI in insurance was a positive development which will bring efficiency in the insurance market” believes Trevor. Post FDI, Insurance companies have started tapping markets with IPOs to mobilize capital. ICICI prudential, SBI Life and HDFC Life have already listed in the market. However, “Aviva Life Insurance has no plan to hit the market as they are more focused and concentrated on business growth.” Affirms Trevor.

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